Bibox exchange – January 2019 review

Bibox Cryptocurrency Exchange

Buy and sell dozens of cryptocurrencies with 0.1% trading fees.

Bibox is a Chinese cryptocurrency and digital asset exchange that allows its users to buy and sell more than 60 currencies. It offers competitive 0.1% trading fees as well as fee discounts for holders of its native BIX token and desktop and mobile trading apps.

To help you decide whether Bibox is the right crypto exchange for your trading needs, we’ve compiled a wide range of relevant facts and figures in this review.

Pros

Cons

The fact that Bibox is a Chinese exchange means there’s always a risk of government regulatory changes

No fiat deposits

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.

What is Bibox?

Founded in 2017, Bibox is an online crypto exchange where users can trade a wide range of digital currencies against BTC, ETH, USDT, DAI and BIX. BIX is Bibox’s native token, which allows holders to access discounted trading fees.

Bibox users can place trades through a web-based interface or through a desktop app as well as through an Android and iOS mobile app. The platform also offers its CunBi Bao financial product, which allows users to lock up specific digital assets (such as bitcoin or BIX tokens) for a fixed period to earn interest.

Which cryptocurrencies can I buy/sell?

Bibox users can buy and sell more than 60 coins and tokens, including the following:

Bitcoin (BTC)

Ether (ETH)

BIX token (BIX)

Tether (USDT)

Dai (DAI)

Litecoin (LTC)

Dash (DASH)

Ethereum Classic (ETC)

Bitcoin Cash (BCH)

EOS (EOS)

Bytom (BTM)

Aelf (ELF)

Maker (MKR)

TRON (TRX)

Fusion (FSN)

Qtum (QTUM)

NEO (NEO)

Visit the Bibox website for a full list of the currencies you’re able to trade.

Available countries

Bibox offers its platform to users in a long list of countries around the world, including Australia. If you’re unsure whether you’ll be able to access the exchange from your country of residence, contact Bibox for clarification.

Which payment methods are accepted?

You can only deposit funds into your account via a cryptocurrency transfer. Fiat currency deposits are not accepted.

How much will it cost me to use Bibox?

It’s free to deposit funds into your Bibox account.

When you place a trade, a 0.1% trading fee applies as standard. However, if you pay with BIX when trading any token, you’ll receive a 50% discount on this fee.

You’ll also need to be aware of the withdrawal fee that applies when transferring funds out of your account. This varies depending on the currency used, but the withdrawal fees for some popular coins and tokens are shown in the table below:

Currency

Withdrawal fee

Bitcoin (BTC)

0.0004 BTC

Bitcoin Cash (BCH)

0.005 BCHH

Ether (ETH)

0.005 ETH

Ethereum Classic (ETC)

0.005 ETC

Litecoin (LTC)

0.005 LTC

How fast will my funds be available?

The time it will take for your funds to become available varies depending on the amount of network confirmations required to complete a transaction for the currency you’re using as well as the level of network congestion at the time.

Are there any transfer limits?

The amount you can withdraw from your account is based on the level of verification you have achieved. Once you’ve signed up for an account by providing and verifying your email address, you can access a daily withdrawal limit of 2 BTC.

To increase this limit to 20 BTC, you’ll need to provide your name, country of residence, copies of the cover page and biographical page of your passport, and a headshot of you holding your passport and a reference to Bibox and today’s date.

If you want an even higher withdrawal limit, you’ll need to contact Bibox customer support.

Is it safe to use Bibox?

You can sign up for a Bibox account and start trading without needing to provide any personal information, which is an important feature for those who value their privacy. However, if you want to access a higher daily withdrawal limit than 2 BTC, you’ll need to provide additional personal details.

In terms of platform security, Bibox supports 2-factor authentication, allowing you to add an extra layer of protection through Google Authenticator or SMS authentication. You can also set up a funds password which you must enter whenever you want to make a withdrawal request.

Customer support

If you need assistance with a transaction or help with your account, you can submit a support request via Zendesk. English- and Chinese-language support is also available via Telegram, or you can get in touch with the team through WeChat.

Pros and cons

Pros

Access to a decent selection of digital currencies

Competitive trading fees

Desktop and mobile trading available

Margin trading also available

Supports 2-factor authentication

Cons

The fact that Bibox is a Chinese exchange means there’s always a risk of government regulatory changes

No fiat deposits

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

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